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Crude Oil Extends Gains, EU Nat Gas Settles At Record High

COMMODITIES
  • Crude oil has jumped on a combination of yesterday’s US EIA demand recovery, the OPEC Secretary General reiterating their view is that oil demand was robust with concerns over a China economic slowdown exaggerated, and Zelensky saying negotiations will only be possible after a Russian withdrawal.
  • Brent has seen larger gains on Shell cutting production at its Rhineland refinery, Germany’s largest oil refinery, on continued disruption from low water levels.
  • WTI is +2.6% at $90.41 as it pushes back against recent technical vulnerability and instead moves closer to resistance at the 20-day EMA of $92.57.
  • Brent is +2.9% at $96.38, moving further away from the bear trigger at $91.22 (Jul 14 low) and instead nearing the 20-day EMA at $97.66, clearance of which would open key short-term resistance at $100.38 (Aug 12 high).
  • Gold is -0.2% at $1758.41, suffering with dollar strength partly offset by Tsy yields rallying. It comes close to key short-term support at $1754.4 (Aug 3 low), clearance of which would open $1711.7 (Jul 24 low).
  • European natural gas meanwhile made further headlines as they settled at a record high, 6.7% higher at EUR 241/megawatt-hour, with prices about 11 times higher than usual for this time of year.
Energy BulletsCommodities
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